Ministry of Economic Development of the Russian Federation

5 October 2018

The MoU between NITI Aayog and the Ministry of Economic Development (MED), Russia, was signed with the objective to create a platform for enabling partnerships, share experiences in economic policy, have regular interactions and cooperation between the two countries. 

• Development of Bilateral Trade, Banking, Financial and Industrial Cooperation: The Indian side is chaired by the Joint Secretary, Department of Commerce.

• Transport Infrastructure and Technologies: The Indian side is chaired by the Special Secretary (Logistics), Department of Commerce.

• Tourism and Connectivity: The Indian side is chaired by the Joint Secretary, Ministry of Tourism.

• Anna Roy, Senior Adviser, NITI Aayog

• P.S. Raghavan, Chairman, National Security Advisory Board,and former Indian Ambassador to Russia

• Manish Prabhat, Joint Secretary, Eurasia Division Ministry of External Affairs

• Shiv Vikram Khemaka, Vice Chairman, Sun Group

• Hemant Kanoria, Chairman and MD, Srei Infrastructure

First India-Russia Strategic Economic Dialogue

The first India–Russia Strategic Economic Dialogue (IRSED) was held in St Petersburg, Russia from 25-26 November 2018. The Indian side was led by NITI Aayog Vice Chairman Dr Rajiv Kumar and the Russian side by MED Minister Maxim Oreshkin. The first IRSED identified five core areas to improve bilateral trade, and economic and investment cooperation. These were transport infrastructure and technologies; agriculture and agro-processing sector; small and medium business support; digital transformation and frontier technologies; and industrial cooperation and trade. As an outcome of the Dialogue, an India–Russia Bilateral Council has been set up in NITI Aayog to carry out the objectives of IRSED.

Second India-Russia Strategic Economic Dialogue

The second IRSED was held in New Delhi on 10 July 2019. The Indian side was led by NITI Aayog Vice Chairman Dr Rajiv Kumar and the Russian side by MED Minister Maxim Oreshkin. The Dialogue included parallel roundtables on cooperation and concrete roadmaps for future negotiations across core areas of transport infrastructure, agriculture, small and medium business support, digital transformation, trade, banking, investment, and tourism and connectivity. Participants included government officials, business leaders and experts.

Third India-Russia Strategic Economic Dialogue

The third IRSED was held online on 15 April 2021. The Indian delegation was led by NITI Aayog Special Secretary Dr K. Rajeswara Rao, on behalf of Dr Rajiv Kumar, Vice Chairman of NITI Aayog, and the Russian delegation by Mr Vladimir Ilichyov, Deputy Minister of the Economic Development of the Russian Federation, on behalf of Mr Maxim Reshetnikov, Minister of the Economic Development of the Russian Federation. The two sides decided to further bilateral trade and enhance economic cooperation. Priority areas—across core sectors of transport infrastructure, agriculture, small and medium business support, digital transformation, trade, banking, investment, and tourism and connectivity—were identified for cooperation.

• Proposed creation of a new economic corridor from Chennai to Vladivostok
• Proposal for establishment of an industrial park in Russia by Srei Infrastructure

• Memorandum of Understanding signed on 5 October 2018

• First Dialogue held from 25–26 November 2018

• Second Dialogue held on 10 July 2019

• Third India–Russia Strategic Economic Dialogue held on 15 April 2021